TVC: GOLD Gold Update by MR_gold2 — TradingView

NFP news knocks on the door, USD is waiting
� Technical analysis

* Price rebounded strongly from around 4500 area after reaching the lower border of the channel.
* The small blue descending channel was broken, which generated an upward rebound.
* Price is currently testing an area of ​​strong supply between:

🔴 4757 – 4775

This is the rejection area where there was a strong decline previously.

*The current average price tends to rise slightly, but as long as it falls below 4900, the general trend remains within the bearish structure.

⸻

🌊 Wave Analysis (Elliott)

Most likely scenario:

*The pullback from above 5200 represents a downward shock wave.
*Current increases are as follows:

🔹 ABC adjustment wave
or
🔹X wave within WXY structure.

Currently, the price may be at the end of Wave B or the beginning of Wave C, which is a small upward wave before a new round of decline.

If the price fails to break through 4780-4800, there is a high probability that:

📉 New Bearish Wave Target:

*4650
*4580
*4500

As for breaking through 4800 and holding above, the path will lead to:

*4890
*5000

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⏰ Time Analysis

There is an important temporal overlap:

*USD News
*Inflation/interest data
* Strong performance in US session

The market is usually in a consolidation phase before a price explosion.

In chronological order:

* Today to tomorrow is very important in determining the next step.
* If the price remains below 4780 before the 4-hour close, selling pressure will remain.

⸻

🔢 Digital Analysis

The Fibonacci levels shown in the chart indicate:

0.618

This is a very strong reversal area.

Price is currently trading around the reversal golden ratio, so the current area is very sensitive.

Numerical goals:

* 4800 = Major resistance level extended
* 4890 = upper limit digital resistance
* 4580 = important digital support
* 4500 = Main Pivot Point

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🕯️Price trend

Current signals:

✅ Bottom rebound candle
✅ Break the descending sub-channel
❌ But there is an upper tail line near the resistance level
❌Torque decreases when approaching 4770

This shows that buyers are present, but sellers are actively defending the current area.

If a strong 4-hour rejection candle appears near 4770-4800 points, it will be an excellent sell signal.

⸻

🌀 Harmonic model

It is possible to:

🔹 Bearish on Gartley
or
🔹Bat pattern

The potential reversal zone PRZ is located approximately:

🔴 4760 – 4810

It is compatible with:

* Horizontal resistor
*Fibonacci
* Display area
* End of correction wave

⸻

📊 Support and resistance levels

🔴Resistor
4757
*4788
*4890
*5000

🟢Support

*4680
*4650
*4580
*4500

Sayed Al Thahab Channel Recommendation⸻

positive stability

more than:
✅ 4680

Continue climbing:

4535
4750

*4780
*4815

passive stability

Below:
❌4680

Return to selling pressure:

4664
4650
*4620
*4580
*Note that the 4640 area also has strong support
We wish you a successful trading day